The rise which home prices across UK have been witnessing lately could drop by as much as 6.6% in the coming year, as per a prediction by the property group Savills. According to the firm, post a total of 3.7% rise in house prices this year, the next five years will see them falling and rising, with next year's plunge being a huge one.
According to the reports released by Savills, there is around 50% possibility of a 6.6% fall in prices next year, which will then be followed by a rise. House prices will see a 2.7%, 5.5% and 8% surge in 2011, 2012 and 2013, respectively.
"We have probably not seen the last of house price falls in the mainstream markets yet", said Savills' head of residential research Yolande Barnes. "The timing may be uncertain but there will almost certainly be peaks and troughs during the next five years".
Currently, the UK market is witnessing a growing demand for residential properties, which has contributed to the rise in prices. The high demand has, however, so far failed to convert into high sales.
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